Rocket Lab USA (NASDAQ:RKLB) Shares Down 3% – What’s Next?

Shares of Rocket Lab USA, Inc. (NASDAQ:RKLB) fell 3% on Tuesday . The company traded as low as $22.50 and last traded at $23.43. 13,938,734 shares traded hands during trading, an increase of 18% from the average session volume of 11,779,763 shares. The stock had previously closed at $24.16.

Analyst Ratings Changes

RKLB has been the subject of a number of recent research reports. Cantor Fitzgerald lifted their price target on shares of Rocket Lab USA from $7.00 to $24.00 and gave the stock an “overweight” rating in a research note on Thursday, November 14th. Wells Fargo & Company boosted their target price on shares of Rocket Lab USA from $5.25 to $13.50 and gave the stock an “equal weight” rating in a research note on Wednesday, November 13th. KeyCorp raised their price target on Rocket Lab USA from $11.00 to $12.00 and gave the company an “overweight” rating in a research note on Thursday, October 24th. Bank of America lifted their price target on Rocket Lab USA from $10.00 to $30.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. Finally, JMP Securities began coverage on Rocket Lab USA in a research report on Thursday, September 12th. They set a “market perform” rating on the stock. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.50.

Rocket Lab USA Stock Performance

The company has a quick ratio of 2.16, a current ratio of 2.58 and a debt-to-equity ratio of 0.97. The firm has a 50-day simple moving average of $13.99 and a 200 day simple moving average of $8.41. The company has a market cap of $11.39 billion, a price-to-earnings ratio of -63.32 and a beta of 1.94.

Insider Activity at Rocket Lab USA

In other news, General Counsel Arjun Kampani sold 28,562 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $24.15, for a total value of $689,772.30. Following the transaction, the general counsel now owns 608,996 shares of the company’s stock, valued at approximately $14,707,253.40. The trade was a 4.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Matthew Ocko sold 2,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 14th. The stock was sold at an average price of $17.73, for a total value of $35,460,000.00. Following the sale, the director now owns 2,351,135 shares of the company’s stock, valued at $41,685,623.55. This trade represents a 45.97 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,064,530 shares of company stock worth $37,018,400 in the last 90 days. 13.70% of the stock is owned by insiders.

Hedge Funds Weigh In On Rocket Lab USA

Several institutional investors have recently bought and sold shares of the company. International Assets Investment Management LLC purchased a new stake in shares of Rocket Lab USA in the second quarter valued at about $46,000. Baxter Bros Inc. purchased a new stake in Rocket Lab USA in the 2nd quarter valued at approximately $48,000. Amalgamated Bank increased its position in Rocket Lab USA by 26.7% during the 2nd quarter. Amalgamated Bank now owns 12,038 shares of the rocket manufacturer’s stock worth $58,000 after purchasing an additional 2,538 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Rocket Lab USA in the 2nd quarter valued at approximately $67,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Rocket Lab USA in the second quarter valued at approximately $76,000. 71.78% of the stock is owned by institutional investors and hedge funds.

About Rocket Lab USA

Rocket Lab USA, Inc, a space company, provides launch services and space systems solutions for the space and defense industries. The company provides launch services, spacecraft design services, spacecraft components, spacecraft manufacturing, and other spacecraft and on-orbit management solutions; and constellation management services, as well as designs and manufactures small and medium-class rockets.